None of us want to face the possibility that someday we may need long-term care, but the reality is most of us will need some form of long-term care. And most of us did not purchase long-term care insurance at a young age when the premiums would be affordable. That type of care, whether it is through in-home care, an assisted living facility or a nursing home, can be very expensive. Even if you feel like you have sufficient assets to pay for long-term care for an extended period of time, you will still want to make sure that your planning adequately protects you and your family. An Elder Law attorney, with experience in Medicaid qualification and eligibility planning will be able to thoroughly explain all of your options based on your unique circumstances.
The type of planning you do should be specifically tailored to your needs and family situation. While nobody can predict the future with complete accuracy, there are steps that you can take that will greatly improve your chances of ensuring that you will be able to afford long-term care for yourself or your significant other.
Some people presume that health insurance, Medicare or a disability insurance policy will help pay for the costs associated with long-term care. However, unless you have a specific long-term care insurance policy, your healthcare insurance (private or Medicare) will not typically cover these costs. Even if you have a long-term care insurance policy, the exclusions in some policies can be very detrimental if you are not prepared for them.
A common misconception is that Medicaid is only for the poor. That is not true. The type of Medicaid that helps us all with long-term care is an entirely different program. There are many options available to help you depending upon your circumstances. You should consider meeting with an Elder Law attorney to learn how you may become Medicaid eligible while protecting your home and other financial assets.